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Management consultants help businesses analyze their current ways of operating and formulate new strategies to meet their business goals. They are typically organized into professional firms, being managed as partnerships either through the formal organization or the firm's operating agreements. They tend to avoid referring to themselves as companies, as they see their mission less to build shareholder value than to provide superior service to their clients.

There is a relatively unclear line between management consultancies and IT consultancies^{[citation needed]}, as consultancies now incorporate a range of services. However although IT consulting firms clearly want a piece of the management consulting business, most management consultancies focus on consulting including aspects of IT management consulting. Most clients now understand that independent advice is key for a consulting engagement.

There are few major consulting firms who will work with small business owners (those with less than 1000 employees); such firms generally pay heavily to do so.